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Citrus Acres 2923 N 38th St 4 Unit Apartment Building $950,000 ($237,500/Unit) Phoenix, AZ 85018
Investment Highlights
- Fully renovated fourplex with modern interiors and refreshed exterior enhancements in a highly desirable Arcadia-area neighborhood.
- Walkable neighborhood environment with dining, retail, healthcare, and recreation minutes away.
- Flexible residential financing options available for qualified buyers seeking 1–4-unit loan programs.
- Strong in-place rents supported by high-income demographics and consistent demand for updated small multifamily assets.
- Turnkey condition reduces near-term capital needs and supports long-term tenant retention.
Executive Summary
2923 North 38th Street is a fully renovated fourplex located in the coveted 85018 zip code, just minutes from Arcadia Lite and the Camelback Corridor. The property offers investors a rare opportunity to acquire a pride-of-ownership small multifamily asset in one of Phoenix’s most desirable infill locations.
This turn-key asset features modern upgrades throughout, offering premium finishes, in-unit laundry, and strong curb appeal. This drives top-tier rental demand and long-term tenant retention.
Exterior enhancements have elevated the overall aesthetic while reducing future maintenance obligations by providing updated paint and facade improvements, mature landscaping, walkable blocks, and a strong sense of neighborhood identity. The result is a clean, cohesive asset that blends modern finishes with the character of the Arcadia-area setting.
Strong in-place rents provide immediate cash flow to new ownership which also benefits from flexible residential financing options, allowing qualified buyers to access conventional 1–4-unit loan programs rather than commercial debt- an attractive feature for both investors and owner-occupants.
Situated in the heart of the Arcadia submarket with convenient access to major employment hubs, trendy shopping, and entertainment.
This turn-key asset features modern upgrades throughout, offering premium finishes, in-unit laundry, and strong curb appeal. This drives top-tier rental demand and long-term tenant retention.
Exterior enhancements have elevated the overall aesthetic while reducing future maintenance obligations by providing updated paint and facade improvements, mature landscaping, walkable blocks, and a strong sense of neighborhood identity. The result is a clean, cohesive asset that blends modern finishes with the character of the Arcadia-area setting.
Strong in-place rents provide immediate cash flow to new ownership which also benefits from flexible residential financing options, allowing qualified buyers to access conventional 1–4-unit loan programs rather than commercial debt- an attractive feature for both investors and owner-occupants.
Situated in the heart of the Arcadia submarket with convenient access to major employment hubs, trendy shopping, and entertainment.
Property Facts
| Price | $950,000 | Building Class | C |
| Price Per Unit | $237,500 | Lot Size | 0.16 AC |
| Sale Type | Investment | Building Size | 3,000 SF |
| No. Units | 4 | Average Occupancy | 75% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1964/2022 |
| Apartment Style | Low-Rise | Parking Ratio | 1.33/1,000 SF |
| Zoning | M-H | ||
| Price | $950,000 |
| Price Per Unit | $237,500 |
| Sale Type | Investment |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.16 AC |
| Building Size | 3,000 SF |
| Average Occupancy | 75% |
| No. Stories | 2 |
| Year Built/Renovated | 1964/2022 |
| Parking Ratio | 1.33/1,000 SF |
| Zoning | M-H |
Amenities
Unit Amenities
- Air Conditioning
- Washer/Dryer
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | - | 600 |
| 2+2 | 2 | - | 900 |
1 1
Walk Score®
Very Walkable (72)
Bike Score®
Very Bikeable (77)
Property Taxes
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $0 | Total Assessment | $24,650 |
Property Taxes
Parcel Numbers
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$24,650
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Citrus Acres | 2923 N 38th St
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